Why is the clearinghouse central to derivatives markets?
The key factor enabling exchange-traded derivatives is the credit guarantee supplied by the clearing corporation. If derivatives involved obligations between individual market participants, then large positions between two random individuals would be less feasible thanks to counterparty risk. With the clearinghouse counterparty guarantee accounting for counterparty risk, small individuals and big individuals can form positions against each other without any special risk factor favouring any one side. With the counterparty guarantee, derivatives can exist with both sides being free of the worry that the other will default.
